Jumbo money market accounts combine high-yield interest rates with the convenience of an everyday checking account. While not necessarily as common as other competitive interest-bearing accounts, they represent an opportunity to build savings for individuals carrying larger bank balances.
Money market accounts typically offer higher interest rates than traditional savings accounts but also require higher minimum balances. The best jumbo money market rates often top 5% and higher.
Best jumbo money market accounts compared
| Institution | APY | Minimum Opening Deposit | Fees |
|---|---|---|---|
First Internet Bank | Up to 5.48% | $100 | $5 |
BankPurely | 5.05% | $100 | $0 |
iGobanking | 5.05% | $25,000 | $0 |
Quontic Bank | 5% | $100 | $0 |
BluPeak Credit Union | Up to 5% | $100 | $0 |
My eBanc | Up to 4.81% | $5,000 | $15 |
EverBank | 4.30% | $0 | $0 |
U.S. Bank | Up to 4.25% | $100 | $10 |
Connexus Credit Union | Up to 4.01% | $1,000 | $0 |
First Internet Bank Money Market Savings
First Internet Bank is one of the first online-only banks. It is home to several attractive deposit accounts, including its Money Market Savings account. Account holders earn a competitive rate on any balance, with balances above $1 million earning 5.48% APY. A $100 minimum balance is required to open a money market account. You must maintain an average daily balance of $4,000 or more to avoid the $5 monthly service fee. The account comes with a complimentary debit card and up to $10 in ATM fee rebates per month.
Pros:
- No minimum requirement to earn high-yield interest.
- Comes with a debit card.
Cons:
- The highest interest tier requires balances over $1 million.
- No fee-free ATM network.
- Monthly fee if you don't meet balance requirements.
BankPurely PurelyInsuredMoneyMarket
BankPurely's PurelyInsuredMoneyMarket account allows you to earn an incredible rate through sustainable banking. The bank is squarely focused on reducing the global carbon footprint, donating to partner Cool Effects with each new qualifying customer relationship.
Currently, this money market account earns 5.05% APY with a $25,000 minimum balance to earn interest. PurelyInsuredMoneyMarket is especially great for individuals who plan to keep large balances. The account is Federal Deposit Insurance Corporation (FDIC) insured up to $2.75 million through sweep deposits at partner banks.
Pros:
- FDIC coverage far beyond traditional limits.
- No monthly fees.
- No transaction limits.
Cons:
- High balance requirement to earn interest
- Requires new money to earn the advertised rate
iGObanking iGOmoneymarket
The iGOmoneymarket account offers simple, straightforward savings. It requires a $25,000 minimum deposit to open and earn interest. The online money market account currently earns 5.05% APY with no monthly fees and unlimited deposits. iGobanking provides online and mobile banking tools to manage your account.
Pros:
- No monthly fees
- Unlimited deposits
Cons:
- Higher minimum balance to earn interest than some accounts
- Monthly transaction limits
Quontic Bank Money Market Account
Quontic Bank makes our list thanks to its Money Market Account, which currently earns 5% APY on all balances. The account only requires a $100 deposit to open with no monthly or excessive transaction fees. You'll also receive a debit card, access to a network of 90,000 fee-free ATMs, and check-writing privileges.
Pros:
- Check writing privileges
- Large fee-free ATM network
Cons:
- Limited customer service hours
- No physical bank branches
BluPeak Credit Union High Rate Money Market Account
The High Rate Money Market Account at California-based BluPeak Credit Union earns one of the highest APYs available for jumbo money market accounts. Currently, all balances of $2,500 or higher earn up to 5% APY. The account requires a $100 minimum opening deposit and has no monthly fees.
Membership with the credit union is required to open an account, so only individuals within BluePeak's service area can take advantage of this incredible savings rate. BluePeak offers two money market accounts, but only High Rate Money accounts earn high-yield interest.
Pros:
- No monthly fee.
- Online and mobile banking access.
Cons:
- Requires a balance of $2,500 or more to earn interest.
- $5 excess withdrawal fee.
- Limited service area.
My eBanc SuperSaver Money Market Account
The SuperSaver Money Market Account from My eBanc requires a $5,000 minimum opening deposit. Balances under $100,000 earn 3.90% APY, while higher balances earn 4.81% APY. The account offers features such as online bill payment, mobile check deposits, and unlimited deposits.
While the account earns competitive rates, it has some restrictions to consider. It comes with an ATM card, not a debit card, unless opened with a qualifying checking account. If opened with a checking account, your money market account is only accessible through ATM withdrawals. There are no withdrawal limits, but My eBanc may require written notification seven days prior to withdrawals.
Pros:
- Earns high-yield interest on all balances.
- Digital features and tools.
Cons:
- $15 monthly fee for aggregate balances below $5,000.
- Mobile check deposit limits.
EverBank Yield Pledge Money Market
EverBank offers one of the best rates among online money market accounts and has a unique rate structure. Yield Pledge Money Market comes with a one-year introductory rate of 4.30% APY, followed by an ongoing rate of 4.05% APY. The online bank guarantees a competitive rate among the top 5% of competitive accounts.
Unlike many jumbo money market accounts, Yield Pledge Money Market has no opening deposit requirement. Other perks include checks, a debit card and ATM fee reimbursem*nts based on your balance.
Pros:
- No minimum to open an account or earn interest
- Guaranteed to offer a competitive rate
Cons:
- Limited branches (located only in Florida).
- Minimum balance requirement to receive unlimited ATM fee reimbursem*nts.
U.S. Bank Elite Money Market Account
The Elite Money Market Account at U.S. Bank requires only a $100 deposit to open, but you'll need a balance of $25,000 or higher to earn the account's highest interest tier, currently 4.25%. Account funds are accessible via ATM withdrawals or checks. U.S. Bank charges a $10 monthly fee, which is waived with a $10,000 minimum daily balance or with a qualifying Bank Smartly Checking account.
Pros:
- Low opening balance requirement.
- Access to one of the largest ATM networks in the U.S.
Cons:
- $10 monthly fee.
- $25,000 balance requirement to earn high-yield interest.
Connexus Credit Union Money Market Account
Wisconsin-based Connexus Credit Union is another place to park your money to earn high-yield interest. The credit union's money market account is best for individuals with balances of $1 million or more, which yields the account's highest rate tier, currently at 4.01% APY. The account requires a $1,000 minimum deposit to open. The Connexus Money Market Account has no monthly fees, but you must keep a minimum daily balance to earn interest.
Pros:
- High-yield rates start with a $20,000 balance.
- No monthly fees.
Cons:
- Membership is required to open an account.
- Requires a $1 million balance to earn the highest rate.
- Only four free withdrawals or transfers per month.
Methodology
To pick the best jumbo money market accounts, we used a holistic approach, considering numerous factors, starting with interest rates, as we compared dozens of banks and credit unions. We prioritized those offering competitive high-yield rates while also considering factors such as:
- Opening deposit requirements.
- Ongoing deposit requirements.
- Service fees.
- Account features and tools.
- Ease of use.
- Insurance coverage.
- Customer service.
- Reputation of the financial institution.
- Service area.
What is a jumbo money market account?
A jumbo money market account is a high-balance deposit account typically offering higher interest rates than traditional money market or savings accounts. Financial institutions offer these accounts as a way to attract and hold onto larger deposits, providing customers with a safe and liquid place to park significant funds while earning interest. Jumbo money market accounts often come with higher deposit requirements, usually $100,000 or more, but some feature lower requirements, including many of the accounts listed above.
Like standard money market accounts, jumbo accounts may offer savings and checking features, such as high-yield interest, a debit card, and the ability to write checks.
How does a jumbo money market account work?
Jumbo money market accounts function similarly to regular money market accounts. Customers earn interest based on the rate assigned by the bank or credit union and their account balance. Like other deposit accounts, jumbo money market accounts come with variable interest rates, meaning banks can raise or lower the rate at any time. Some accounts feature tiered rates, which increase as your balance grows.
Often, money market accounts blend the best features of savings and checking accounts. Some, but not all, jumbo money market accounts come with checkbooks or check-writing privileges, and they often have monthly withdrawal limits.
Where they differ from a standard money market account is deposit requirements. Financial institutions often require larger minimum deposits to open a jumbo money market account or earn advertised rates. Deposits to a jumbo money market account at a bank are insured by the FDIC up to legal limits ($250,000 per depositor, per institution and per ownership category). Funds at a credit union are covered by the National Credit Union Administration (NCUA). In some cases, financial institutions offer insurance coverage beyond traditional limits through sweep deposits at partner banks.
How to select the best jumbo money market account
When choosing a jumbo money market account, start by searching for accounts with competitive interest rates to maximize your earning potential. It's important to look beyond rates, though, to find the best fit for your needs. Here are other factors to consider when comparing jumbo money market accounts:
- Minimum balance requirements: Jumbo money market accounts often require larger deposits than other bank accounts. Be aware of the minimum balance required to open an account and to avoid monthly fees.
- Fees: Check for monthly maintenance fees, excess withdrawal fees, ATM fees, and any other charges that might apply.
- Accessibility: Consider how easily you can access your funds, including online banking features, ATM access, transaction limits, and check-writing capabilities.
- Insurance: Confirm that the account is insured by the FDIC or NCUA up to the legal limit or higher if available.
How to open a jumbo money market account
Many financial institutions that offer jumbo money market accounts allow you to open an account online, but some may require you to apply in person. When opening an account, you'll need to provide personal information to verify your identity, such as your Social Security number, birth date, physical address, contact information, and a government-issued photo ID. You'll also need to provide bank account information to fund the account. If a credit union offers the account, verify that you meet the requirements to become a member before you apply.
Alternatives to jumbo money market accounts
Jumbo money market accounts offer excellent savings opportunities but may not be right for everyone. Consider one of the following alternative options for earning high-yield interest.
Money market account
You don't have to keep a large balance to earn interest with a money market account. Standard money market accounts typically offer the same features as jumbo accounts, often with comparable APYs.
High-yield savings account
Online banks and credit unions are great places to look for high-yield savings accounts with rates comparable to those of money market accounts. High-yield savings accounts work like traditional savings accounts but usually earn much higher interest rates.
CDs
Certificates of deposit (CDs) are timed deposit accounts that typically reward customers with high APYs in exchange for keeping funds untouched in your account long-term. CD terms often range from as short as a month up to five years or longer.
Pros and cons of jumbo money market accounts
Pros:
- Potentially higher interest rates compared to standard accounts
- Low-risk investment
- Account balances are FDIC-insured or NCUA-insured insured up to $250,000 per person, per institution
- Money market accounts usually offer convenient ways to access funds
Cons:
- High minimum balance requirements to earn interest and avoid fees
- May earn lower rates than regular money market accounts and CDs
- Large balances may exceed insurance coverage limits
TIME Stamp: Determine your needs before opening an account
Jumbo money market accounts offer an opportunity to earn some of the highest rates offered by banks and credit unions. With higher balance requirements to open and earn interest, opening a jumbo money market account only makes sense for individuals who plan to keep large sums of money in the bank. Also, you may find other money market or savings accounts that offer comparable rates without requiring keeping a big balance.
Frequently asked questions (FAQs)
Where can I get 7% interest on my money?
There are currently no banks that offer 7% APY on savings or money market accounts. OnPath Federal Credit Union's High Yield Checking account earns 7% APY on average daily balances up to $10,000. Premium Checking accounts at Landmark Credit Union currently earn 7.50% APY on balances up to $500.
What is the highest-paying money market account right now?
First Internet Bank currently offers one of the highest rates among competitive money market accounts, earning up to 5.48% APY. Money market accounts have variable interest rates, which can fluctuate at any time.
How much money should you keep in a jumbo money market account?
Jumbo money market accounts generally require keeping larger balances than other bank accounts. You should plan to keep at least enough in your account to meet any requirements to earn interest or avoid monthly service fees. Ultimately, the amount you should deposit depends on your financial situation and needs.
The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.
